@omgitsMatt wrote:I'm trying to determine the best way to absorb my wife's last two credit card debts with my good credit score, or soon to be good at least. I am likely going to apply for a BT card through my local credit union and absorb that debt.
If the SL isn't high enough to take on at least one of the accounts, I will go for a secured loan soon after with another local credit union with interest rates at 5% with my work car, I could get around 2k that way.
Both cards that need transferred to a smaller interest rate are around 7k, one card is actually a loan of some sorts now though because the bank no long provides the card to customers, they've trimmed that one out of their inventory and closed it.
Back in September I had a credit score of 520 something with the only thing I had on my credit report was two accounts sent to collections, I had them removed entirely with disputes. Between getting one removed I got a Capital One Platinum for 300 and added myself to two maxed out cards on my wife's name. I've been paying them down with fairly large payments staggered between the two. My credit is looking great at the moment now and there's still more debt to pay down on the two AUs so still have more room to grow quickly in the next month or two.
My current scores and my latest balance reflections on my last credit report two weeks ago,
704 EQ
725 TU
719 EXP
Authorized User, Capital One Platinum 2568/3500 (DW is primary user)
Authorized User, Capital One Journey 1021/1500 (DW is primary user)
Primary User, Capital One Platinum 0/300
In a month I'll be debt free with credit utilization on all three cards between 5 to 7 percent a card. I'm not sure where my credit score will stand by then, but I should be able to pick and choose something with great rates
Sadly NFCU has a promotional BT card that they stop offering the 28th of Feb. I won't have made that last payment until the 1st of March.
I've read NFCU is a bit bipolar is how they approve card applications and they also have their own internal scoring system. I can't risk (it's hard to predict how they score folks on credit cards as an AU, I have to assume the worst and infer it's possibly not as well as I'm getting scored with my FICO score) not getting enough SL to cover the balance of one card, so I won't be able to apply for it. My local credit union has a great promotional card atm though so I can make due with that.
My concern is still that I won't get enough to cover enough of her balances to get HER score up high enough to tackle whatever debt I can't cover with her own BT card.
So I was thinking, possibly apply and if I don't get approved for enough of a credit limit then immediately take my car and get a secured loan with my car as collateral to cover anything else.
Then when her score is up pay off the loan with a balance transfer at a great rate in HER name.
I think that you are misunderstanding that part. Yes, NFCU is offering 0% and/or 1.99% BTs through 28 February, then that offer will go away.
...but they'll still over their Platinum card that will come with a 0% BT fee and 0% for 12 months on new accounts.
You might wait for March, then apply for a new Platinum account with NFCU. (...and yes, they'll pull your credit. 
)
@omgitsMatt wrote:I was reading about secured loans on my phone on break while at work and definitely read a blog specifically, but casually, mention some lenders don't check your credit (they referenced NFCU) for a secured loan. I was, and am, very skeptical but looked into it.
I couldn't really find much on secured loans specifically, they talked about shared secured loans. I'm not sure what that is to be honest but it's not quite what I was looking for
I ask because one of my local credit unions told me they offered secured loans and that my old work car could be used as collateral because I own it.
The interest rate was 5%, which is excellent, but I never looked into it because my car is worth 2,100 by their estimates. That and my credit is good enough to not worry about secured loans at the moment
However, I'm in the process of looking into BT cards and were I to not get enough to cover the entire balance of my DW's high interest CC, I was considering taking out a secured loan with my car through my local credit union to perhaps cover the difference.
That's hardly set it stone, I still have plenty of self motivated reading to do on it, but was wonder if that was true about NFCU?
I wish I could find the blog I was reading at lunch! I am absolutely positive I read it correctly, but I was wanting to check the date of the blog and when it was posted to get a clue if things perhaps changed
Do you know anything about that guys? Anyone have any experience with this?
The loans which do not require a hard pull are "Share Secured Loans" which are loans secured by a savings account.
The type of secured loan you are talking about -- a loan secured against an automobile title -- might well require a hard pull, just like a car loan would.
